Gilead Sciences Inc Stock Price, News & Analysis

Gilead and Kite announced that 16 abstracts, including three oral presentations, were accepted for the 62nd ASH Annual Meeting, occurring virtually from December 5-8, 2020. Key data on CAR T therapies Yescarta and Tecartus, along with the anti-CD47 monoclonal antibody magrolimab, will be presented. Notably, Yescarta's pivotal ZUMA-1 trial showed promising four-year overall survival results in refractory large B-cell lymphoma. Additionally, magrolimab has received FDA Breakthrough Designation for treating acute myeloid leukemia and myelodysplastic syndromes.

Gilead Sciences (Nasdaq: GILD) and Galapagos NV have announced the validation of their application to the European Medicines Agency (EMA) for a new indication of filgotinib (200 mg) for treating moderately to severely active ulcerative colitis (UC). This application is based on positive results from the Phase 2b/3 SELECTION study, which demonstrated significantly improved clinical remission rates compared to placebo. Filgotinib is already approved in the EU for rheumatoid arthritis and is under investigation for UC, with no global approval yet.

Gilead Sciences, Inc. (Nasdaq: GILD) has declared a cash dividend of $0.68 per share of common stock for Q4 2020. This dividend is payable on December 30, 2020, to stockholders on record by December 15, 2020. The company focuses on the discovery and development of innovative medicines for serious illnesses. Gilead operates in over 35 countries, aiming to enhance patient care worldwide.

Gilead Sciences (Nasdaq: GILD) reported third-quarter 2020 revenues of $6.6 billion, a 17% increase from $5.6 billion in Q3 2019. Product sales rose 18%, attributed mainly to strong demand for HIV products and the COVID-19 treatment, Veklury, which generated $873 million. GAAP net income was $360 million ($0.29 EPS), a turnaround from a net loss in Q3 2019. Non-GAAP net income reached $2.7 billion ($2.11 EPS), reflecting a 27% year-over-year increase. However, HCV product sales significantly declined by 31%. Gilead's updated 2020 revenue guidance reflects the ongoing impact of the COVID-19 pandemic.

Gilead Sciences announced the completion of its acquisition of Immunomedics for approximately $21 billion. This strategic move aims to enhance Gilead's oncology portfolio, particularly through the integration of Immunomedics' lead asset, Trodelvy, which is the first FDA-approved ADC for treating metastatic triple-negative breast cancer. Gilead's CEO, Daniel O'Day, emphasized the focus on expanding Trodelvy's market reach and exploring its potential across various cancer types. Following the merger, Immunomedics will operate as a wholly owned subsidiary of Gilead.

Gilead Sciences (GILD) has announced FDA approval for its antiviral drug Veklury (remdesivir) as the first approved COVID-19 treatment in the U.S. This approval follows emergency use authorization and is based on significant clinical trial data. Veklury demonstrated a reduced recovery time in hospitalized patients, improving recovery by an average of five days compared to placebo. The drug is now available nationwide, supported by expanded manufacturing capacity. Veklury is indicated for adults and pediatric patients aged 12 and older requiring hospitalization.

Gilead Sciences (Nasdaq: GILD) announced the appointment of Anthony Welters to its Board of Directors. Welters, a former Senior Adviser at UnitedHealth Group, brings significant experience in health insurance and managed care. His leadership roles include being Executive Vice President at UHG and founding AmeriChoice. Currently, he is involved with several organizations, providing insights into healthcare delivery. Gilead's CEO, Daniel O’Day, expressed confidence that Welters' expertise will enhance the board's ability to deliver transformational medicines to patients in need.

Gilead Sciences announced results from the BRAAVE 2020 Phase 3 trial, showing that switching to Biktarvy is effective for HIV treatment in Black or African American patients who are virologically suppressed. A total of 495 participants were randomized, with 99% in the Biktarvy group maintaining HIV-1 RNA < 50 copies/mL after 48 weeks. The study highlights Biktarvy's potential, especially for those with prior treatment failures. Gilead also presented findings on tenofovir alafenamide's impact on weight gain in patients switching from TDF to TAF.

Gilead Sciences (Nasdaq: GILD) presented 18 abstracts at IDWeek 2020, showcasing advancements in HIV treatment and COVID-19 clinical developments. Key trials include the DISCOVER trial evaluating Descovy for PrEP and insights on renal outcomes. New data on Biktarvy in underrepresented HIV populations and the efficacy of Veklury for COVID-19 treatment was also shared. Gilead aims to enhance antiviral innovations addressing complex public health challenges, as stated by Diana Brainard, MD.